THE PRICE OF ADVICE: THE TRUE VALUE OF YOUR SERVICES
Are you worth $3,750 per hour? Here’s a hypothetical scenario: if a client is charged $15,000 annually on $1 million investment, and you meet with them quarterly – are you worth $3,750 per hour?
If you’ve never articulated your value-add, and they do the math, he or she might only think about your in-person meeting in relation to your fees. Even if you meet with clients semi-annually or quarterly, you want to ensure that clients know about what you do for them throughout the year and in between meetings so that they don’t equate your fees to only your formal meetings with them. The point is, you do a lot for your clients – services that build trust, disciplined investing, referrals to key service providers (i.e., tax advisor, lawyer, estate planner) and asset allocation, just to name a few.
Advisors who communicate the full scope of their offering, and confidently discuss fees, can position themselves for success and enhance their brand, in a regulatory environment that puts a spotlight on an Advisor’s worth.